F&I Articles, News & Information
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F&I Education: Trade School vs. Traditional School

When you make a decision regarding your future, one of the most critical elements you must consider is what type of school you will go to. Whether right out of high school or even once settled into a career, many people seem to only think about the larger colleges as options to further their education. However, trade schools are an excellent alternative to more traditional school environments. For many people, there are misconceptions surrounding trade schools that can leave them feeling as though it isn’t the right choice. Below, we will explore the many reasons trade school may be better for some individuals than attending a traditional school.

Length of Education

While younger adults may not feel in a rush to finish their education and start on the path to their chosen career, those who are making a career change later in life or who are eager to start earning the money they need to support their families, trade school can be a great option due to the short amount of time it takes to complete your education. If you were to attend a traditional school, you would likely need to complete four years of schooling in order to obtain a bachelor’s degree. For those who wish to pursue their career field even further, additional years may be required. However, when you attend a trade school for something like finance and insurance, you can complete your education in a much shorter period so you can begin working in your career field, earning the wages you need for a comfortable life. In fact, some programs can be completed in as little as a few weeks.

The High Cost

Have you ever looked at colleges across the country to determine how much your education may cost? Whether you look at larger private institutions or you were considering public colleges, you may find the tuition costs thousands of dollars each year with private colleges charging significantly more for an education. On top of that, you need to pay for books and materials and potentially room and board if the school you choose isn’t close to your home. Trade schools are often either located close to where you live or provide you with the opportunity to complete your courses from the comfort of your own home on your own time through online classes. Because of these options and the short time during which you complete your coursework, the cost of a trade school is often much less than traditional schools, allowing you to embark on the career of your choice without going into severe debt that must be paid off for many years after your education is finished.

Rate of Graduation

Another factor many people must consider when it comes to attending a traditional school is the rate of graduation. Many traditional colleges have a high drop out rate for a number of reasons. Finances are just one. The stress of attending college, along with the large number of classes required and the amount of time it can take to complete an education, can all lead to individuals dropping out and going into the workforce early. This often leaves individuals working jobs that aren’t as fulfilling and don’t provide as many financial benefits as they would have gotten should they have completed their degree. Because of the amount of work required for a bachelor’s degree, those who find they must also work full time while they attend school may also take longer than the typical four years to complete their degree, further delaying their opportunity to work in their chosen career field. Trade schools often have a much higher graduation rate and individuals often can easily complete the coursework in a timely manner, even with the other obligations they may have in their lives.

Earn a Good Salary

While any degree can help you earn better wages once you do embark on your chosen career path, trade schools can help get you started much more quickly. Many career fields require working for a while as you build up your experience and slowly begin to earn more. However, when you choose a field that can be fulfilled by attending a trade school, you can expect to earn higher wages from the start. These careers are often in high demand and may be often overlooked, which means those who enter the career field will be able to secure better paying jobs, even upon their initial graduation.

A Specialized Education

Another great reason to choose a trade school over a traditional college is you will receive a specialized education designed specifically for the career field you are considering. In many cases, traditional colleges require a core curriculum that may not align with what you plan to do with your life. This can lead to spending a lot of time in classes that have no bearing on your ability to do your job, wasting both your time and your money. Instead, trade schools only require you to take classes that train you how to do your job so you can begin working in your field while earning the money you deserve for doing the job. This means less time wasted on courses that won’t provide a benefit to you in the future.

Job Security

Going back to the fact jobs that typically follow a trade school education are in high demand with fewer people pursuing them, individuals who complete this type of coursework can sometimes also enjoy greater job security than those who enter more competitive fields. Due to the specialized training they receive, they will be armed with the hands-on skills and knowledge to perform the work properly and earn themselves a good income in a much shorter period. They are much less likely to lose their jobs, giving them a level of security for a solid financial future, both while on the job and afterward into retirement.

Job Placement Assistance

Although it’s typically available at traditional schools as well, job placement assistance is often easier to receive for those who attend a trade school. This is because trade schools usually have a smaller student body and can provide more personalized service to each of their students. This allows them to take into account an individual’s unique abilities and carefully pair them with jobs that are best suited to those skills. They typically work with many local companies to help them fill positions with highly qualified new graduates.

Work Around Your Schedule

When you complete your education through a trade school, you may be able to complete the coursework on your own time. In fact, many of them offer online classes so you can go through the course material when it’s convenient for you from anywhere with an internet connection. This means you can get your work done at your own pace so you can take care of the other responsibilities you may have in your life, including family and a job. This makes trade schools ideal for those who may be older and are looking to either make a career change or gain the knowledge needed to advance their career.

If you’ve made the decision to go into the field of finance and insurance in the automotive industry, it’s important to make the right choice when it comes to where to get your education. While you can get this type of education at a more traditional school, it is often best to choose a trade school for many of the reasons listed above. At Automotive Dealership Institute, you can get the education you need to work in the automotive industry and start on a career that offers a good quality of life and the job security you need for a solid financial future.

Learn more about the F&I training program at ADI

Tips For Choosing The Best F&I School To Help You Succeed

If you are planning to work in the Finance and Insurance (F&I) department at an auto dealership, you need to get your education from a reliable institution. However, if you are considering multiple schools, it can be difficult to determine whether you are making the right choice. Below are some questions you should ask before you select any F&I school.

1. Is the school a licensed institution?

Licensure lets you know that a school has met important requirements that set it apart from other institutions and that it can provide you with a high-quality education. Unfortunately, many F&I programs are unlicensed programs that provide students with a meaningless certificate upon completion. Before enrolling in any school, consider whether it is licensed. If the school claims to be licensed, ask the school to produce its license number and be sure to verify it with the state’s licensing department. If you find out that the school is not licensed, look for another option.

Automotive Dealership Institute has been the nation’s only licensed F&I School for the last 32 years. When you trust us with your education, you can be sure that you are getting the instruction you need to be successful in your career. After you graduate our program, you will receive more than just a meaningless certification. Instead, you will have a diploma and a certification in F&I management that you can present to any potential employer with confidence.

2. Where are classes held?

The environment in which classes are held tells you a lot about an institution. Before you sign up for a program, ask the school to give you the physical address of the classes it offers. If the classes are being held in a temporary space not owned by the school, such as a leased office or hotel conference room, it indicates that the school is not stable and reliable. On the other hand, if the classes are being held in a static location that seems appropriately furnished, you can be more confident in the school’s ability to teach you the skills you need.

At ADI, we have been in business for over 30 years, offering programs both in-person and online. Our F&I classes are held at our beautiful campus in Scottsdale, AZ, which is located at the most desirable resort corridor situated between many 5-star resorts and high-end shopping areas. We have been operating at the same facility for the last 15 years, providing students with a stable environment equipped to support the learning process.

3. Does the school offer computer training?

In order to get a job as an F&I specialist, you need to know how to use the appropriate computer programs. For this reason, adequate computer training is essential. Ask the schools you are considering whether they have F&I computers for each student in their classrooms. Each computer should be equipped with DMS software, appropriate application platforms and special finance software. If the school cannot assure you that these resources will be available, look for another institution.

ADI offers computer training for every student to ensure that he or she is ready to use all of the latest F&I software. All of our students graduate from our program feeling confident in their abilities to use computer programs on-the-job.

4. Does the school offer job placement?

Your F&I certification or degree won’t do you much good if you cannot find a job after you finish the program. However, finding a job on your own can be difficult. The best F&I schools are those that offer job placement services to their students after graduation. Ask the schools you are considering whether they offer these services. It is also important to inquire about the school’s annual audited job placement ratio upon graduation, as this will let you know how easy it will be to find an open position. If the school doesn’t have a respectable job placement ratio, consider other options.

ADI offers job placement in all 50 states as part of their education to our students. Our job placement rate (as F&I Manager) consistently remains over 90 percent over the last 30 years. After you complete our program, we will be more than happy to help you find and secure your first position in the F&I industry.

5. Is the school’s instructor qualified?

After you enroll in an F&I program, you will be relying on your instructor to teach you the skills and information you need to build a successful career in the F&I department at an auto dealership. For this reason, it is important for you to find a program with a qualified instructor. Before you enroll in a program, ask the school whether the instructor has a degree and license. It is also important to find an instructor who has classroom teaching experience and experience working in a car dealership.

Many of the so-called F&I Trainers, F&I Schools, colleges, universities on the internet are nothing more than one man/woman operations offering one to five day seminars in rented conference rooms. Our instructors, on the other hand, are licensed and experienced teachers who will make sure you are well-equipped for a job as an F&I manager at any auto dealership.

6. What instructional materials are used?

All F&I programs will utilize instructional materials to help students learn the required information. The quality of these materials will have an impact on the quality of your education. Ask any school you are considering to tell you about the handouts and textbooks they use in the classroom.

ADI uses a copyrighted hardcover classroom textbook, titled “Finance and Insurance Management,” with 536 pages of information. This book is considered the bible of the dealership F&I industry. It is not sold to other institutions and is reserved only for ADI’s students. Every student who enrolls in the F&I program at ADI will receive their own copy of this book on the first day of class.

7. Does the school have any published F&I Management works?

The best F&I programs are considered authorities in the industry and will have published respected documents. Ask any school you are considering whether it has publications of this nature. If publications exist, ask the school to produce the ISBN number or the U.S. Library of Congress Catalog Number.

ADI authored and published a 772-page hardcover book titled “The Encyclopedia of Finance and Insurance Management.” This encyclopedia is sold to dealerships as a reference manual for the F&I department. More than 16,000 copies have been sold, and digital copies of this book are now available on ADI’s website for $99.95.

If you are hoping to land a job as an F&I manager, you need to be able to show evidence of appropriate training. ADI is an organized, professional institution with licensed instructors and a solid record of success. We will teach you real world lessons about the F&I industry so that you can be sure you are prepared your very first day on the job. After you graduate from our institution, we will even help you find your first position so you can hit the ground running. Please contact us today to learn more about our F&I program.

How to Become an F&I Manager in 2019

A knowledgeable finance and insurance manager can make good money. As a matter of fact, this position is the one of the best paid in an automotive dealership. A skilled finance and insurance manager can create profit for the dealership and are rewarded in salary. And with the help of the latest F&I software, even less experienced finance and insurance managers can perform at high levels. Modern finance and insurance platforms also make it easier for financial and insurance managers to be organized and more effective.

So, how do you become a finance and insurance manager in 2019?

Starting out at a salesperson at a dealership is a good first step. Once you have a good track record of sales success, you may be able to get a position as a finance and insurance manager. But, you’ve got to be on top of your game. Always treat customers with respect, maintain a professional persona and keep learning. While having a degree in finance or accounting may help you land your first gig, getting a certification as a finance and insurance manager will give you the specific knowledge and skills to get your foot in the door. This type of certification will make you stand out from the crowd.

The Automotive Dealership Institute offers certification in automotive finance management both in-classroom and online. This curriculum is organized into four modules and covers a variety of topics, including finance software, laws mandated by federal agencies, structuring special financial deals, menu selling, dealership retail operating systems and finance menu presentation.  And if you choose online training, modules can be paused, and you can work at your own pace. Telephone support is also available to online learners. Each section has many interactive features with voice over, printable books, graphics and examples of real-life situations. All that is needed is a high school diploma or GED along with good math and writing skills. Student loans and financing options are also available. Whether you choose online or in-classroom learning, you’re given job placement assistance across all 50 states. The Automotive Dealership Institute has a 90 percent job placement rate within 90 days of graduation and will do everything possible to help you land that dream job soon after getting your certification. The program at The Automotive Dealership Institute also qualifies for VA educational benefits. Post 9/11 vets can apply for full tuition coverage, in addition to travel expenses.

So, how much will you make as a finance and insurance manager in the automotive industry?

According to the National Automotive Dealers Association, around $142,000. Finance managers are paid higher or less than the average based on where they are located. They are paid the most in the West South Central area of the Unites States, at 114% of the national average. This region covers states including Texas, Oklahoma and Louisiana. F&I managers earn the least in the East North Central region at just 87% of the average. This is the ‘Rust Belt’ area of the country including states like Michigan, Wisconsin and Ohio. That’s not bad for just four weeks of classroom training. Car sales in all 50 states are also on the increase. Dealerships sell over 17 million cars a year and new car dealerships are on the uptick also.

What Finance and Insurance Managers Do?

Finance and insurance managers help customers obtain financing for both new and used car purchases. They work with financial lenders to get clients the best possible interest rates while still generating a profit for the dealership and are expected to maintain high ethical standards. Duties include:

  • Offering car financing to clients while explaining extended service contracts, dealership service procedures and aftermarket products.
  • Processing leasing and financing deals while securing approval through different channels.
  • Creating a program with the sales department for direct referral to them.
  • Understanding and following local, state and federal laws with regard to the automotive industry.
  • Training and motivating the sales team with the leasing and financing programs available at the dealership.
  • Providing the sales team with support.
  • Increasing profits for the car dealership.

According to Ward’s Auto, “A successful F&I manager needs the product knowledge, professionalism and empathy that customers look for today. In other words, to be a successful F&I manager you must be the kind of person that you would buy the products from and the kind of professional that you would enjoy working with.”

What After Products Do Finance and Insurance Managers Sell?

A finance and insurance manager may sell extended service contracts and maintenance plans, among other products. Plans offered include bundle oil changes and are usually limited to the dealership’s service department. Anti-theft products may be promoted also, including GPS locators, VIN etching or car alarms. Combo warranties include damage to the wheels or tires to cover bad luck with potholes. The pain and fabric protection coverage is an added chemical sealant to the paint or fabric. A finance and insurance manager may also offer gap insurance. This pays off the difference between what the car is worth and what a customer may owe after a collision. Primarily for leases, excess wear and use protection, protects in the event of scrapes or a few dents. Credit insurance plans are designed to help customers make car payments if they lose their job or are unable to make a payment due to illness.

How Are Finance and Insurance Managers Doing Today?

Automotive News reports that “Five of the six public new-vehicle dealership groups improved average finance and insurance gross profit per vehicle in the second quarter, driven primarily by financial and insurance training efforts, growing financial and insurance product penetration and increased retail sales, the companies said. In the first quarter, Group 1 launched Val-U-Line, a proprietary brand for older, higher-mileage used vehicles. With the addition of Val-U-Line, it’s a mix among math issue. Our financial and insurance business actually was very good, and it’s exactly what we had expected.”

The Future for Finance and Insurance Managers

The future is looking bright for finance and insurance managers. As a matter of fact, it’s a golden era for this career. Car dealerships are driven by easy credit and low interest rates, and the market is ripe for that. And the benefits of being a finance and insurance manager are many. You’ll be offered similar benefits as any other full-time corporate position. In addition to a good salary, you’ll get retirement plans and health and dental insurance plans. Plus, many dealerships offer compensation benefits for each completed finance loan and the sale of after product plans.

If you’re considering a career in F&I, be sure to carefully consider the F&I training programs at The Automotive Dealership Institute. Get trained by the best in the industry to launch your new career. Call 1-877-998-7200 to get more information or feel free to visit the F&I Training overview page on the ADI website. The Automotive Dealership Institute is a certified institution that has integrity and qualified faculty. With training at The Automotive Dealership Institute, you’ll get the best possible training to prepare you for a lucrative career in automotive finance.

Job Placement Assistance With Automotive Dealership Institute

America’s love affair with the automobile and the open road makes jobs at car dealerships excellent options for those who want to find a stable career that will allow them to grow, learn, and make a good income. Detroit Auto News reports that car sales in 2018 surpassed expectations, hitting higher numbers than 2017 saw. This means this a fantastic opportunity to get into the field of car buying and selling.

Within this industry, one of the most exciting and interesting fields is that of finance and insurance. This job combines knowledge and passion for cars with finance, creating a job that focuses on relationships with customers and having a direct impact on the business’s bottom line.

When you work in finance and insurance at an auto dealer, you help customers understand their financing options and select the one that will help them purchase the vehicle of their choice. You will be responsible for tasks such as understanding the financing process, completing applications, determining payment amounts, and filling out the sales contracts.

This job is irreplaceable in the world of car buying. Most car dealerships actually make very little from the purchase of a single car. The money comes from financing options that people set up to afford their new car. This means that the work you do will have a tremendous impact on the success of the dealership as a whole.

What would I do while working in finance at a car dealership?

Remember that car dealers largely earn their money from the loans that they issue to customers. These loans make it possible for people to buy the car they like, and they also generate most of the income for the dealership. The more interest you can help your dealership collect, the more money your business will make, allowing it to grow.

In your role, you will generally link together the customers and the dealership with the finance corporations who administer the loan. You will collect information such as credit scores and applications and use the information to calculate payments and terms for the customer. You will have the job of helping customers afford their car and the dealership generate income.

You will work to create the most profitable deal possible. You will try to convince customers going through the financing process to use your in-house options, as this will be the most profitable for your organization. You will also encourage customers to consider potential add-ons, such as paint protection or an extended service contract. These extras help the customers get their dream car, while also generating additional come for the business.

This hard work can earn you a good salary in many areas. According to the Bureau of Labor Statistics, loan officers who work at automobile dealerships earn a median wage of $45.98 per hour, which works out to $95,630 per year. This will vary depending upon factors such as your experience and where you live. Many auto dealers also offer incentives or additional pay based on commission, which means that the harder you work, the more you can potentially earn.

When you enter the field after obtaining your certification from the Automotive Dealership Institute, however, you will have the insight and knowledge you know to excel quickly and reach the top of your field. This will lift you up to the highest income potential within the industry. Many of our graduates earn more than $100,000 each year.

Why choose the Automotive Dealership Institute?

The Automotive Dealership Institute has been the nation’s only licensed Finance and Insurance School for over three decades. This has made us an outstanding choice for those who want to work in the field. For veterans who will use the Post 9/11 GI Bill to help pay for their education, this licensing means that this is the only Finance and Insurance School that can be paid for with this bill.

Our years of experience have taught us what people need to know to have a successful career in finance at car dealerships, and we will help you get there. Our classes have been designed with real world experience in mind, teaching students precisely how to thrive in this field.

Over the years, we have developed a reputation for excellence. This has allowed us to nurture relationships with dealerships across the nation. Our students have the chance to listen to guest speakers from these dealerships and go through job interviews right on site.

How does our job placement program work?

Receiving a fantastic education is only the first step to solving the problem of quality job placement. In addition to having the knowledge needed to perform a job, people must also figure out how to get a job within their chosen industry.

Finding a job is never an easy task. You must learn how to advertise and promote yourself to prospective employers. You have to make a good impression and show them why you would be a better fit for the job than all of the other resumes that come across their desk. This is why we established our job placement program.

Our dedication to our students also extends far beyond the classroom. Our goal is to get you placed with an outstanding career. That is why our advisers offer job placement assistance whether you graduated a few days ago or a few years ago. You can receive help preparing your resume, going through practice interviews, and getting assistance finding a quality job placement. It is this dedication that leads to a 90 percent placement rate within three months of graduation. Our outstanding courses and dedication to our students helps to ensure that our graduates get positions within their chosen field.

Is the Automotive Dealership Institute Right for Veterans?

Many of our veterans retiring from the armed services need jobs that help them transition back into civilian life. We want to help our veterans find jobs that will help them thrive. Since an education at the Finance and Insurance School of the Automotive Dealership Institute can be covered by the Post 9/11 GI bill, this educational opportunity can be fantastic for veterans.

The amount of money you can secure through the GI Bill will vary based on your time in service. As long as you spent at least 30 days in service since September 11, 2001, you will qualify for some coverage. The longer you spent in service, however, the greater coverage you will be eligible for. Twelve months, for example, will get you 60 percent of your costs covered, whereas 36 months gets you 100 percent.

Not only does the GI bill help cover class costs, but you can also receive help with moving costs, book fees, and even a living stipend, depending upon the exact terms of your personal coverage. Those who want to use their GI Bill to cover school costs, such as those at the Automotive Dealership Institute, should investigate their exact terms for their use of the GI Bill.

Given the high salary potential for those who work in finance at car dealerships, using the GI Bill to cover this education can help set any veteran up for a solid career.

Those interested in finding a stable job know that they need to find a strong industry that shows no signs of slowing down. Consider the potential demonstrated within the car dealer industry– with 17 million cars expected to be sold over the next year. When you receive an education from the Automotive Dealership Institute, you will have the insight you need to thrive. The well rounded courses and the dedication of our instructors to their students means that our students are set up for success. Come and see what sets the Automotive Dealership Institute apart and why our job placement capabilities can start you on path for the career of your dreams.

Learn more about our job placement program

Tips for Using the Post-9/11 GI-Bill® for F&I Training at ADI

The Post 9/11 GI Bill was created to provide education benefits for individuals who were on active duty for at least 90 days following on September 11, 2001, or later. Qualifying individuals can use this bill to obtain funding for higher education, allowing them to enter a new field and/or advance an existing career. To use the Post 9/11 GI Bill to finance your education, follow the steps below.

1. Find out whether you qualify.

Not every individual who has served in the military will be eligible for benefits under the Post 9/11 GI Bill. In order to qualify for these benefits:

  • You must have been on active duty on or after September 11, 2001.
  • Your qualifying active duty must also have lasted for at least 90 days, or you must have served at least 30 days before receiving a medical honorable discharge.

If you meet these requirements and don’t want to claim the benefits for yourself, you may be able to transfer them to a qualifying dependent, such as a child or spouse.

2. Know how much you will receive.

The amount of benefits you will qualify to receive depends on how long you spent on active duty. The longer you spent on active duty, the more benefits you will receive. Exceptions are made for individuals who were on active duty for a shorter period of time but received an honorable discharge because of a service-related injury.

3. Know which expenses are covered.

Understanding how your benefits can be used is essential as you plan your education and your future career. Some of the expenses that may be covered by Post 9/11 GI Bill benefits include:

  • Up to 100 percent of your tuition and associated fees.
  • The cost of housing while in school.
  • The cost of relocation when no suitable educational institutions are available nearby.
  • Up to $1,000 per year for books and other educational supplies.

4. Find an appropriate school.

The benefits available under the Post 9/11 GI Bill can be used at a variety of institutions, including both public and private schools. Although most people receiving benefits under this bill choose to attend more affordable programs, even some of the more expensive private schools have become accessible to benefit recipients because the Yellow Ribbon Program, which requires these more expensive schools to waive some of their fees.

Before applying for admission to any school, be sure to verify that the benefits you receive under the Post 9/11 GI Bill can be used to cover the cost of programs at the institution of your choice. It is also important to verify that the maximum amount of benefits you can receive will be enough to cover the total cost of your education. If your benefits won’t be sufficient, make sure you have a plan to pay the remainder of these costs on your own.

5. Find an appropriate educational program.

Money available under the Post 9/11 GI Bill can be used for virtually any type of educational program. Although many people who receive benefits under this bill decide to enter higher education programs that end in an associate’s, bachelor’s or even more advanced degree, other types of training are also covered by this bill. Other types of training that may be covered under the Post 9/11 GI Bill include:

  • Tutorials
  • Correspondence training
  • Work studies
  • Certifications and licensing programs
  • Apprenticeships
  • On-the-job training
  • Vocational programs
  • Technical school programs

With so many options available to qualifying veterans, it is possible for almost anyone to find an educational plan that meets his or her needs. Even people who have already completed one or more educational programs can find an option that will allow them to advance their careers after leaving the military.

6. Consider a career in the automotive industry.

The automotive industry is currently in need of more workers, especially in the area of finance and insurance. The automotive industry as a whole has grown significantly in recent years, and this growth is expected to continue. Thousands of dealerships are open all across the United States, and these dealerships sell millions of cars every year.

Within this industry are a variety of careers, but positions in car dealerships’ finance and insurance departments are particularly beneficial for people who have left the military and are looking for a career change. Individuals working in these positions spend their days helping customers to find the financing and insurance coverage they need to help them purchase the car they want and protect the asset in the event of an accident. Auto dealerships rely on these individuals to make money in the form of interest, thus increasing the dealership’s profits.

7. Apply for benefits under the Post 9/11 GI Bill.

Once you have determined whether you qualify for benefits, found a school and chosen a program, it is time to apply for benefits under the Post 9/11 GI Bill. You can apply for these benefits by submitting the required information online or by visiting a local VA office to complete the application with professional assistance. Alternatively, you can call the U.S. Department of Veterans Affairs and request a paper application to be sent in the mail.

8. Consider enrolling in the F&I program at ADI.

If you have decided to work toward a career in the automotive industry, you will most likely need professional training. If you have decided to pursue a career in finance and insurance, you can find the training and education you need from the Automotive Dealership Institute, or ADI. Not only can we provide you with all of the skills and knowledge you need, but we also make it easy to complete the enrollment and training process.

ADI is the only government-approved, licensed finance and insurance school in the United States. It is also the only finance and insurance school that can accept benefits awarded under the Post 9/11 GI Bill. Not only can you pay for all of your school expenses with this bill, but ADI will even help you complete all of the necessary paper work to be sure that you get the financial assistance you need.

Once you have applied for benefits under the Post 9/11 GI Bill and received an approval, you can get started on your F&I program immediately. The program requires 160 hours of study that take place over a period of four weeks. All classes are scheduled during the work week so students can have free time on weekends. Once the program is complete, ADI will assist the graduate in finding a job. We offer job placement services all across the nation. We have a placement rate of more than 90 percent within the first three months after program completion. Our graduates enjoy an average income of more than $140,000.

If you are a veteran who qualifies for educational assistance under the Post 9/11 GI Bill and you are interested in using these benefits to complete the finance and insurance program at ADI, please contact our institution today to get started. We will be happy to answer any questions you may have about the program and/or help you begin the Post 9/11 GI Bill application process.

See what our GI Bill/VA graduates are saying about ADI

A Career as an Automotive Dealership Finance Manager

The auto industry has experienced several good sales years in a row. According to the Detroit News, auto sales beat expectations in 2018. Originally, experts predicted that 2018 sales would be down significantly from 2017. However, the industry surprised everyone when sales numbers actually increased. The Detroit News reports that a total of 17.3 million vehicles were sold during 2018, up from only 17.1 million in 2017.

In most cases, car dealerships earn very little profit on the actual sale price of a vehicle. Fortunately, most people who purchase a vehicle are unable to pay the full price out-of-pocket and need a loan to make up the difference. Car dealerships rely on their finance managers to bring in these loans and boost their profits through interest. The more interest these loans produce, the more profitable the dealership will be.

What Is a Car Dealership Finance Manager?

A car dealership finance manager is a finance professional responsible for helping customers obtain the financing they need to purchase the vehicle of their choice. Finance managers not only work directly with customers interested in a car loan, but they are also responsible for completing all of the required documentation for each financing transaction. Examples of duties performed by car dealership finance managers include completing applications, pulling credit scores, filling out sales contracts, determining payoff amounts and performing title checks. Car dealership finance managers also present and encourage the purchase of extra products sold by the dealership, such as vehicle purchase add-ons.

Each customer’s ability to obtain financing will depend on his or her likelihood of repayment as determined by income, credit score and other factors. In most cases, the finance manager works as an intermediary between finance companies and the car dealership. The finance manager’s ultimate goal in each transaction is to help the customer get the vehicle he or she desires while also maximizing profits for the dealership.

Car Dealership Finance Manager Responsibilities

With every new vehicle purchase, the car dealership has three separate chances to earn a profit, including on the trade-in of the customer’s old vehicle, on the purchase price of the new vehicle and in the financing process. The dealership’s sales team is responsible for the first two transaction, while the finance manager is responsible for the third transaction. However, both the sales team and the finance team often work together to make sure the deal is as profitable as possible for the dealership.

When purchasing a vehicle, customers can either choose to shop for a loan on their own or work with the dealership’s financing department. For the dealership, it is always better to convince the consumer to finance the purchase in-house. It is especially lucrative for the dealership when the customer has a suboptimal credit profile and is required to pay a higher interest rate.

In order to increase profitability for the dealership, finance managers may entice customers to purchase add-on products that raise their monthly payments. Examples of add-ons include paint protection, an extended service contract and gap insurance. Finance managers may also add to the interest rates quoted to them by lending partners, or they may encourage customers to take on a longer loan with a slightly higher interest rate. The latter strategy results in a lower monthly payment for the customer but an overall increase in profits for the dealership. Many dealerships offer their finance managers commission or other incentives for selling extra products or longer loans. According to Value Penguin, the typical term length for an auto loan in 2019 is 68 months.

How Much Do Finance Managers Make?

The salary of car dealership finance managers varies according to many different factors, including the location, the dealership’s profitability and the finance manager’s experience. According to the Bureau of Labor Statistics, loan officers working for automobile dealers in 2017 earned an average annual salary of $98,270. This works out to approximately $8,189 per month. Some states pay finance managers more than others, with the highest wages found in New York, Connecticut, Massachusetts and New Hampshire.

The salary received by car dealership finance managers varies by general region as well. For example, finance managers on the East Coast and West Coast earn higher wages, with lower wages found in the central part of the country. The lowest wages are found in the northwest part of the country, excluding coastal states.

In general, finance managers will earn more when they work in mass market dealerships. These dealerships work with a smaller profit margin on vehicle sales prices, which means they must make up more of their profits in the area of finance. This allows finance managers to ask for higher wages because they carry more of the responsibility for the dealership’s success. In addition, these dealerships often have the resources to pay higher salaries.

How Are Finance Managers Paid?

For decades, compensation for finance managers and other professionals in the automotive industry was based exclusively on commission. However, in the past few years, the compensation structure within the automotive industry has shifted to include a balance of base salary, commission and other incentives.

The shift to a more balanced compensation structure was not necessarily beneficial to finance managers at the time, as they actually earned more when they were paid in commission. However, finance managers also worked more hours when they worked for commission, and they were more vulnerable to the ups and downs within the auto industry. Today, finance managers enjoy a more comfortable schedule and better job security while still earning a healthy salary.

Getting a Job as an Auto Dealership Finance Manager

In general, someone hoping to be successful in this career needs to have skills that allow them to build rapport with customers and keep them happy throughout the loan application and execution process. Auto dealership finance managers must also be detail oriented so that they can be sure every transaction is as profitable as possible for the dealership. In addition, auto dealership finance managers need to have excellent decision-making skills so they can decide which loan options will be most lucrative for the dealership in each case and which approaches will work best with each individual client.

Most auto dealerships require finance managers to have at least a bachelor’s degree, along with an understanding of the financing process. Finance managers working for car dealerships usually complete on-the-job-training as well before beginning work. In the job market, the basic qualifications may not be sufficient. However, you can set yourself apart from the competition in several ways:

– Get some experience with car sales.

One of the best ways to improve your marketability as an auto dealership finance manager is to gain some experience in the car sales industry. For example, you may accept a sales position temporarily so you can learn more about how the sales process works.

– Work in banking.

If you can’t find a job as an auto dealership finance manager immediately, consider spending some time working in another financial institution, such as a bank. This will allow you to get a better understanding of the lending process, as well as some experience you can list on your resume to make yourself a better candidate when you apply for a job with a dealership.

– Obtain a certification from a certified F&I school with job placement assistance.

Some institutions offer specific certifications for Finance and Insurance Managers for Auto Dealerships. Obtaining this type of certification shows potential employers that you not only understand the basics of lending, but that you have training specific to the car sales industry. It is also highly beneficial if the school you attend offers a job placement assistance program. For example, here at ADI our students experience over 90% success rates when it comes to job placement within 90 days of completing our training.

If you are considering a career as an auto dealership finance manager, keep in mind that the industry is constantly changing. Skills, experience and professional training will help set you apart. For this reason, it is wise to do as much as you can to build your resume before you begin a career as a car dealership finance manager.

Why F&I Training at ADI is Ideal for Post 9/11 GI-Bill® Veterans

Upon completing time in the military, many individuals choose to pursue another career path rather than simply remaining retired. They make this decision for a vast number of reasons. Regardless of why individuals choose to pursue a career path upon their discharge from the military, one thing remains true; many of these individuals must complete some form of training or college degree in order to prepare themselves for this career change. The good news is the GI Bill was created to help these individuals pay for their education in appreciation for their service in the military. For the most part, military service members can use funding from this bill to pay for several career training paths, so they can enjoy a lucrative career for their foreseeable future. One such industry that needs more workers is the automotive industry, particularly in the areas of finance and insurance. With the help of the Post 9/11 GI Bill, individuals can pay for the training they need at a qualified school of their choosing, such as the Automotive Dealership Institute.

Who Qualifies for the GI Bill?

First and foremost, it’s important to determine whether you are eligible for payments under the Post 9/11 GI Bill. This bill was put in place to pay for career training and education for military personnel and qualifying dependents. Any service member who served in active duty for at least 90 days after September 10, 2001, can qualify for payments under the Post 9/11 GI Bill. The specific amounts for which you qualify depends on the total number of active service days you have served. For instance, an individual who served for a total of 12 months is eligible for 60 percent of their costs paid, while someone who has spent 36 months can receive 100 percent. An exception to this is for those who served at least 30 days and received a medical honorable discharge for a service-related injury. These individuals are also eligible for 100 percent of their costs in thanks for their sacrifice.

What Does It Pay?

Once you determine whether you qualify for payments under the GI Bill, you need to learn what it can be used for so you can plan accordingly. For many individuals, the GI Bill can cover up to 100 percent of the tuition, as well as any associated fees. It can also include a housing allowance to help pay for the cost of living while in school to prevent individuals from having to juggle family, work and school at the same time. If you are attending school away from home because of a lack of availability close by, the GI Bill can even provide a one-time relocation allowance to assist with moving costs. In addition, the bill can also pay up to $1000 per year for the cost of books and other necessary supplies. For service members who don’t wish to use the benefits for themselves, these payments can be transferred to a qualifying family member to help them with the costs of their own education. This has helped many service members provide a college education for their dependent children or even spouses who had previously been unable to complete a degree. While most individuals choose public institutions or more affordable private schools, the Yellow Ribbon Program can allow individuals to attend more expensive private schools at little to no cost if the school has entered into an agreement with the military to waive some of their costs and fees.

What Can It Be Used For?

GI Bill money can be used for a variety of training and degree programs to assist individuals in preparing for a career beyond the military. Any associates, bachelor’s or higher education degree can be paid for under the GI Bill, allowing individuals to pursue the career of their dreams in the future. However, this isn’t the only type of training that can be paid for with this bill. In fact, individuals can opt for technical schools, vocational training, on-the-job training or apprenticeships, licensing and certifications, work studies, correspondence training, tuition assistance and even tutorial costs. This leaves many opportunities for individuals to pursue the career path they’ve always wanted, even if they previously couldn’t for several reasons, including being unable to afford the costs of getting an education. This is why the government implemented the GI Bill. They recognized the military couldn’t always prepare individuals for their lives after the military and wanted to provide a benefit to thank these individuals for their service and the sacrifices they made, all while giving them the chance to do what they always wanted.

Why the Automotive Industry?

With all the options available, one may wonder why the automotive industry is a good choice for veterans who are looking to make a career change after the military. The automotive industry has experienced rapid growth and continues to grow, making it a lucrative option both now and in the future. It is projected that American dealerships will sell approximately 17 million cars in 2019. With more than 17,000 dealerships open in the United States, there are plenty of career opportunities available to individuals of all skill levels, especially those who have the training to do the job well. These dealerships need trained and experienced individuals who can help obtain financing for their customers, so they can drive off the lot with the car they’ve always wanted, as well as ensure they have the necessary insurance to provide coverage in the event they get into an accident. At Auto Dealer Institute, veterans can use their GI Bill coverage to pay for their education, so they can get the certifications they need to provide the best possible service to a dealership’s customers.

Why Choose ADI?

Once you make the choice to pursue a career in the automotive industry, whether it’s in the area of finance & insurance or something else entirely, your next step is finding a school that not only provides the training and education you require, but also makes it as easy as possible to get started and complete your courses.

Automotive Dealership Institute is the only licensed and government approved F&I School in the United States therefore it stands alone as the one and only F&I School approved by the Veterans Administration to accept Post 9/11 GI Bill, and offers job placement assistance nationwide.

ADI understands the unique needs of individuals who were previously in the military. They work with the GI Bill for many of their students and can even help complete the paperwork and necessary forms to ensure GI Bill approvals are completed in a timely manner, allowing students to get started on their education as soon as possible. Once approved, individuals can quickly get started on their training. Courses through ADI take place over four weeks, requiring just 160 classroom hours that take place Monday through Friday, allowing veterans to enjoy life outside of school, particularly with their families, while getting the education they’re looking for, unlike many other schools that may require weekends or evening hours to complete in such a quick manner. Upon successful completion of the program, individuals can take advantage of the job placement assistance provided by the school. Their professionals can successfully locate jobs for their graduates, with a placement rate over 90 percent within the first 90 days. Jobs are available in all 50 states, and ADI helps individuals locate and apply for jobs in all of them. When veterans apply for jobs, they stand a good chance of being hired due to their discipline, combined with the quality training they have received, both in and out of the military. Graduates enjoy an average income of around $143,000 per year after graduating from the ADI program.

For those interested in applying for the ADI program with payment assistance from the GI Bill, visit the US Veterans page to learn more and to apply.